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U.S. Economic and Market update | | Seite 2 For broker/dealer use only Still in the “Goldilocks” zone The U.S. Economy in 2005 Still in the “Goldilocks” zone  Consistent real GDP growth  Low unemployment  Low core inflation  Solid profit growth

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U.S. Economic and Market update | | Seite 3 For broker/dealer use only 2006 U.S. Economic Outlook  U.S. economic growth expected to be in range of 3-4%  Unemployment expected to average around 5%  Core inflation expected to be roughly 2%  Oil price expected to gradually decline toward $50  Profit growth expected to slow, but continue  Short-term U.S. interest rates expected to peak at 4.5-5%  Longer-term U.S. interest rates expected to remain near current levels  Dollar expected to weaken somewhat

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U.S. Economic and Market update | | Seite 4 For broker/dealer use only Source: DataStream. Last data point: 2005Q4 U.S. Real GDP Growth Remains Strong The preliminary Q4 number is not a signal of weakness

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U.S. Economic and Market update | | Seite 6 For broker/dealer use only Source: DataStream. Last data point: January 2006 The U.S. is not far from Full Employment The unemployment rate has fallen to 4.7%

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U.S. Economic and Market update | | Seite 7 For broker/dealer use only Source: DataStream. Last data point: 2005Q4 Productivity Growth Remains Very High The “New Economy” is real

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U.S. Economic and Market update | | Seite 8 For broker/dealer use only Source: DataStream. Last data point: 2005Q3 Corporate Profits are High and Growing Slowing profit growth is to be expected at this point in the cycle

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U.S. Economic and Market update | | Seite 9 For broker/dealer use only Source: DataStream. Last data point: January 31, 2006 The Hurricanes: No Lasting Impact on Energy Prices

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U.S. Economic and Market update | | Seite 10 For broker/dealer use only Source: DataStream. Last data point: December 2005 Little Pass-Through of Energy Prices to Core Inflation is Visible Thus Far

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U.S. Economic and Market update | | Seite 12 For broker/dealer use only The Evolving Language of the Fed The Fed’s language signals it isn’t finished yet  “a considerable period of time”  “patient”  “accommodation can be removed at a pace which is likely to be measured”  “some further measured policy firming is likely to be needed”  “some further policy firming may be needed”

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U.S. Economic and Market update | | Seite 13 For broker/dealer use only Source: DataStream. Last data points: January 31, 2006 Inflation and the Real Fed Funds Rate The Fed is now in the “data dependent” phase

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U.S. Economic and Market update | | Seite 15 For broker/dealer use only Source: DataStream. Last data point: February 14, 2005 A Flattening/Inverting Yield Curve

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U.S. Economic and Market update | | Seite 16 For broker/dealer use only Source: DataStream. Last data point: January 2006 The Value of the Dollar: A 30-Year View The value of the dollar is more or less where it was a decade ago

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U.S. Economic and Market update | | Seite 17 For broker/dealer use only Source: DataStream. Last data point: 2005Q4 Both High Import Growth and Weak Export Growth Contribute to the Trade Deficit

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U.S. Economic and Market update | | Seite 18 For broker/dealer use only Source: DataStream. Last data point: 2005Q3 Higher tax receipts due to economic strength, not spending restraint, were the reason The U.S. Budget Deficit was Beginning to Shrink Before Katrina

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U.S. Economic and Market update | | Seite 20 For broker/dealer use only Source: DataStream, FactSet. Last data point: December 31, 2005 U.S. Equity Valuations are Not Excessive Relative to Bond Yields

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U.S. Economic and Market update | | Seite 21 For broker/dealer use only Source: DataStream. Last data point: January 31, 2006. The Russell Top 200 Index measures the performance of large-cap U.S. growth stocks. The Russell Midcap Index measures the performance of mid-cap U.S. value stocks. The Russell 2000 Index measures the performance of small-cap U.S. growth stocks. It is not possible to invest directly in an index. US Equity Market Leadership: Market Capitalization Mid Cap stocks have led since 1999

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U.S. Economic and Market update | | Seite 22 For broker/dealer use only Source: DataStream. Last data point: December, 2005. The Russell Top 200 Index measures the performance of large-cap U.S. growth stocks. The Russell Midcap Index measures the performance of mid-cap U.S. value stocks. The Russell 2000 Index measures the performance of small-cap U.S. growth stocks. It is not possible to invest directly in an index. Past performance is no guarantee of future results. US Equity Market Fundamentals and Valuations by Capitalization

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U.S. Economic and Market update | | Seite 35 For broker/dealer use only Percent *Pioneer Mid Cap Value Fund (a U.S. RIC of which Pioneer Funds – U.S. Mid Cap Value is a mirror) returns are used for performance purposes from inception date of Class A Shares USD distributing 31/05/95 until inception date 30/11/01 of the Unit Class A USD Non-distributing of Pioneer Funds – U.S. Mid Cap Value. Pioneer Funds – U.S. Mid Cap Value Performance (as of 31/01/06)

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U.S. Economic and Market update | | Seite 36 For broker/dealer use only Pioneer Mid Cap Value Fund (Class A at NAV)7.66%21.48%10.74%10.67%11.01%14.26%15.28% Mstar Mid-Cap Value Funds Avg. 8.43%20.46%9.36%11.38%11.74%14.82%16.34% 5-Year Scatter Chart as of 12/31/05 Return Call 1-800-225-6292 or visit www.pioneerfunds.com for the most recent month-end performance results. Current performance may be lower or higher than the performance data quoted. The performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.. NAV results represent the percent change in net asset value per share. Returns would have been lower had sales charges been reflected. All results are historical and assume the reinvestment of dividends and capital gains. Volatility (Standard Deviation) 1 Year3 Years Average Annual Total ReturnsStandard Deviations As of 12/31/05 5 Years10 Years3 Years5 Years10 Years Pioneer Mid Cap Value Fund (Class A at NAV) Source: Morningstar Direct and Lipper Inc. The Morningstar Mid Value category represents average annual total returns, excluding sales charges, for the mid-cap value funds in the Morningstar universe. The Lipper Mid Cap Value average represents the average annual total returns of all funds in the group in existence for the period. Morningstar Mid-Cap Value Funds Average 12%14%13% Pioneer Mid Cap Value Fund Outperformed the Morningstar Mid Cap Value Average

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U.S. Economic and Market update | | Seite 37 For broker/dealer use only Portfolio Manager J. RODMAN WRIGHT, CFA, Senior Vice President and Portfolio Manager Connecticut College, B.A. (1984), New York University Graduate School, M.B.A. (1988) Joined Pioneer in 1994 Mr. Wright is responsible for management of the Pioneer Mid Cap Value Fund and the related Vision Variable Annuity Mid Cap Value Fund, as well as the offshore version, Pioneer Funds – Mid Cap Value Fund. Mr. Wright has managed these funds since January 1997, and served as assistant fund manager of the Mid Cap Value Fund since January 1996. He started his investment management experience in 1987. Prior to joining Pioneer, he was employed by the Prudential Investment Advisors, first as an analyst and later as a portfolio co-manager.

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